What to do with Sons money?

ladby

My uncle gave my son a lovely gift of £1000 to go towards his education (or whatever else he decides to do after school!) but I have no idea what to do with it!

Don't fancy an ISA and letting him loose with a load of cash when 18 and God knows what he'll be like then, his uncle was majorly off the rails at that age!

So looked at saving accounts, Halifax, Nationwide and others won't let you pay in a lump sum so could pay it in over a few months and that would be no problem but how easy is it to move childrens accounts about to keep getting the best deal or do you just stick a pin in a page and hope for the best!?

Any advice would be greatly appreciated!

xylophone

If the money has been given to him as a gift then it is his money and even if you hold it outside a JISA he has the right to access and control at 18.

Consider the JISA and teach him money sense?

Or you might hold it in bare trust for him in an account you control and perhaps move it into a five year fix in bare trust shortly before he is 16 - he would still have the right to control at age 18 but the five year fixed rate could hold off access.